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OFHEO Director Opines on GSE Reform During a courtesy meeting on July 6, 2006, new Office of Federal Housing Enterprise Oversight (OFHEO) Director James B. Lockhart told NAR Chief Economist and Senior Vice President David Lereah that he hoped Congress would provide guidance for his agency to oversee the growth of Fannie Mae and Freddie Mac portfolios of retained earnings. Lockhart stressed his agency needed balanced, flexible and workable guidance to properly oversee the GSEs' financial operations so that they met housing mission and affordable housing goals. Lockhart affirmed the important role that the two government-sponsored enterprises play in assuring liquidity and stability in the mortgage finance markets, but, referring to accounting scandals, he said the GSEs "messed up badly." Reiterating a point in a recent congressional testimony, Lockhart expected the GSEs to take two years to put in place accounting and internal controls that the agency required. CONTACTS: Lynn King 202-383-1156, Lynn King 202-383-1156, Jeff Lischer 202-383-1117  GSEs Latest News
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